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Free AccessCrude Oil Edges Higher But Remains Rangebound
- Crude oil has eked out gains today as near-term demand concerns clash with upside risks from Russian supply and a Chinese demand recovery this year. The high uncertainty in both demand and supply is keeping oil bouncing within a range with no clear direction.
- The EIA’s short-term energy outlook sees the US accounting for the lion’s share of non-OPEC oil growth in 2024 as American drillers produce a record 12.8mbpd, above the projected 12.4mbpd for 2023.
- WTI is +0.7% at $75.17, off resistance at $76.50 (20-day EMA) and support at $72.46 (Jan 5 low). The CLG3 sees some downside protection with most active strikes at $70/bbl puts.
- Brent is +0.6% at $80.13, off resistance at $81.74 (20-day EMA) and support at $77.61 (Jan 5 low).
- Gold is +0.3% at $1877.26, continuing to gain despite higher US yields as it instead benefits from a subdued dollar. Within yesterday’s range, resistance remains at $1896.5 (61.8% retrace of the Mar-Sep bear leg).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.